(A) The Common Council of the City of Linton now finds that the existing rates and charges for the use of the service rendered by the Electric Utility of the city are too low and are insufficient to produce revenue to pay all of the necessary expenses incident to the operation of the utility, including maintenance costs, operating charges, upkeep, repairs, legal expenses and other obligations, to provide for depreciation and make necessary extensions and replacements, to pay interest charges on obligations of the Electric Utility; to provide a sinking fund for the liquidation of indebtedness; to pay debt service on outstanding indebtedness, and to provide funds for a reasonable return on the utility plan, and that the existing rates and charges should be increased.
(B) There shall be and there are hereby established for the use of the service rendered by the Electric Utility of the City of Linton the rates and charges attached as Exhibit A of the ordinance codified herein and incorporated herein.
(C) The rates herein approved shall provide for a reasonable return on the Electric Utility plant of the City of Linton and other legal and other necessary expenses as provided for in I.C. 8-1.5-3-8.
(D) The Common Council hereby elects to receive payment in lieu of taxes from the Electric Utility.
(E) This section shall be in full force and effect from and after its passage and approval of the Mayor.
(Ord. 94-7, passed 10-5-1994)
Editor’s note:
Two copies of the provisions adopted by reference in this section are available for public inspection at the office of the Clerk-Treasurer during regular business hours.